The Feynman Construction Company agreed to build a dam for the City of Magnolia on January 1 of year 1. Dr. Farraday, the construction manager, mentioned that the price was $100,000,000 and it was expected to take 3 years to complete. The original estimate of the total cost for the project was $ 80,000,000. The following info relates to the contract information, transactions, and cost at December 31 of the three years of contract (in millions) Year 1 Year 2 Year 3 Actual total cost to date : 25 52 184 Estimated cost to complete 57 33 Billings during the year 36 35 29 Collections during the year 27 40 33 Required: the company uses the "Percent of Completion method to recognize revenue a. What are the entries for year 2 b. Show what this information would be shown on the balance sheet for year 2.